IDXX misses to close above 20-day moving average
IDEXX Laboratories Inc. (IDXX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IDXX finished Thursday at 230.38 gaining $16.15 (7.54%), strongly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 223.85, the stock confirmed its breakout through the previous session high after trading up to $8.63 above it intraday.
Daily Candlestick Chart (IDXX as at Mar 26, 2020):
Thursday's trading range has been $20.28 (9.52%), that's above the last trading month's daily average range of $17.21. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for IDXX.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, IDXX gained 4.51% on the following trading day.
After spiking up to 232.48 during the day, the market found resistance at the 20-day moving average at 231.43.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for IDEXX Laboratories. Out of 575 times, IDXX closed higher 55.48% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.09% with an average market move of 0.95%.